The company’s statement said that the filing covered 6.5 billion reais, or $2.1 billion worth of liabilities, and that “the closure of national and international credit markets” had made “it impossible to finance the activities of the companies.” It added that it would “abandon its activities in the field of engineering and construction to focus on the oil and gas area.”

The Industrial and Commercial Bank of China and Mizuho Bank of Japan are among Schahin’s largest creditors, and other global banks are also owed money. HSBC and Deutsche Bank have both sued Schahin over unpaid loans. Schahin also has about $650 million in global bonds.

Schahin’s filing has been expected since the start of the month, when the company said that it no longer had enough cash to keep operating five drilling rigs and platforms that it works under contract to Petrobras.

Schahin is one of the many companies that has been accused of inflating contracts with Petrobras, then passing on the extra money to politicians and corporate executives.

As the result, the company has been frozen out of the capital markets and Petrobras has temporarily barred it from new contracts. Schahin has denied any wrongdoing.

Schahin had expanded in response to Petrobras’s plans to grow production after discovering gigantic deepwater reserves in 2006 in the presalt layer off Brazil’s coast.

Petrobras was originally planning to invest more than $220 billion between 2014 and 2018.

Now Petrobras is scaling back its investments and trying to renegotiate contracts with all its suppliers, even those not under investigation, as it adapts to its weaker financial condition and to lower global petroleum prices.

But prospects may soon improve.

Petrobras has said it will finally issue next week an audited balance sheet, revaluing its assets to take into account lower petroleum prices and losses as a result of corruption.

Once that balance sheet is released, Petrobras will again be able to access capital markets, and the return of Brazil’s bluest chip company to the markets may facilitate other corporate issuance.